Form 1041 K-1

[Christian]

I will be preparing a 1041 next week with the the estate year ending May 31st this year the decedent having died in May of last year. The available K-1 forms are only for 2017 and the income distribution to the heirs has only just been made. What can be done other than running a line through 2017 and inserting 2018 and will this work ?

[taxit]

It is a 2017 fiscal year 1041, so 2017 is correct. The K1 will show that is a fiscal year. Anything reportable for the beneficiaries , will go on their 2018 tax return. Also, if the decedent passed away in May of 2017, your end of year for the return is April 30th 2018. Due date would be August 15, 2018.

[jklcpa]

10 minutes ago, Christian said:

I will be preparing a 1041 next week with the the estate year ending May 31st this year the decedent having died in May of last year. The available K-1 forms are only for 2017 and the income distribution to the heirs has only just been made. What can be done other than running a line through 2017 and inserting 2018 and will this work ?

The 2017 form is used for fiscal years that begin in 2017 and end in 2018, or for 2017 calendar year reporting.

Please note that the estate's year can NOT exceed 12 months, so if the decedent died during May of 2017, the latest fiscal year that could be valid would end on April 30th. 

EDIT - I was just typing the same thing!

[Christian]

Thanks for the input. I prepare a very few of these and had forgot you count the month of death in the fiscal year. Thanks.